Boy River, Minnesota Property Taxes
The median property tax rate in Boy River, MN is 0.52%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Boy River being $97,700, the typical annual property tax bill reaches $488, significantly below the national median of $2,690. Property taxes in Boy River are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Boy River's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Boy River or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boy River, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$508
Ownwell’s Boy River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boy River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boy River to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Boy River, Minnesota
Property taxes in Boy River, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boy River is 0.52%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Boy River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boy River estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Boy River's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56672 has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Boy River provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boy River Tax Rate
0.52%
Average Cass County Tax Rate
0.53%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boy River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56672 | 0.38% | 0.42% | 0.52% | 0.53% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Boy River, Minnesota
In Boy River, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Cass County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Boy River, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Boy River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Boy River is $488, found in zip code 56672.
Average Boy River Assessed Value
$97,700
Average Cass County Assessed Value
$248,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boy River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56672 | $29,040 | $57,200 | $97,700 | $179,900 | $186,040 |
Source: Ownwell
Property Tax Bills Across Boy River, Minnesota
Property tax bills in Boy River, located in Cass County, MN, are calculated based on the assessed value of a property. The assessed value is determined by local assessors who evaluate the market value of the property. Homeowners in Boy River typically see a median home price of $97,700. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, tax bills in Boy River can range significantly, with the 25th percentile at $336 and the 75th percentile reaching $746. The 90th percentile tax bill can go up to $949, indicating variability based on property characteristics and assessed values. Compared to the national median property tax rate of 0.99%, Boy River's tax bills reflect the unique economic and property valuation conditions of the area. This variability in tax bills can significantly impact homeowners, influencing their annual expenses and overall financial planning.
Average Boy River Tax Bill
$488
Average Cass County Tax Bill
$1,350
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Boy River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56672 | $156 | $336 | $488 | $746 | $949 |
Source: Ownwell